Exercises Financial Accounting - EPS & Investment
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This document contains two problems related to earnings per share (EPS) and bond investments. Problem 1 provides financial data for ABC Company and asks to calculate basic and diluted EPS. Problem 2 provides details of bonds purchased by AAA and asks to prepare journal entries to record the purchase, amortization schedule, interest received, and sale of the bonds.
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ACCT 221
Midterm Problems
1. Albert Corporation is authorized to issue 1,500,000 shares of $4 par value common stock. During
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Jan.
30
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2. Vero Corporation has the following stockholders' equity accounts on January 1, 2013:
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March 1 Purchased 12,000 shares at $18 per share.
July 1 Sold 3,500 shares at $21 per share.
Sept 1 Sold 3,100 shares at $14 per share.
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Journalize the treasury stock transactions for 2013.
Due Date: Sunday, April 7 @ 11 p.m. ET submit via WebTycho Assignment Folder
1
Common Stock, $10 par value $1,500,000
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Total Stockholders Equity $2,200,000
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Year Dividend
2011 5,000
2012 15,000
2013 35,000
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(b) Journalize the declaration of the cash dividend at December 31, 2013.
4. On January 1, 2013, Alsace Corporation had $3,000,000 of $5 par value common stock outstanding
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stock dividend to stockholders of record on December 31, 2013, payable on January 15, 2014. The
market value of Alsace Corporation stock was $18 per share on December 15 and $20 per share on
December 31. Net income for 2013 was $550,000.
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5. Prepare the journal entries for the following two independent situations:
(a) On January 1, 2013, Hathaway Corporation issued $300,000, 11%, 10-year bonds for $291,780.
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Pechstein Corporation issued油2,050油shares of $10油par value common stock upon conversion of油1,060油shares of $50油par value preferred stock. The preferred stock was originally issued at $58油per share. The common stock is trading at $27油per share at the time of conversion.
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Date
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Credit
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Rockland Corporation earned net income of $717,128油in 2012 and had油171,000油shares of common stock outstanding throughout the year. Also outstanding all year was $868,000油of 10% bonds, which are convertible into油17,000油shares of common. Rocklands tax rate is油36油percent.
Compute Rocklands 2012 diluted earnings per share.油(Round answer to 2 decimal places, e.g. $3.55.)
Diluted earnings per share
$
On January 1, 2012, when its $36油par value common stock was selling for $90油per share, Bartz Corp. issued $10,260,000油of 8% convertible debentures due in 20 years. The conversion option allowed the holder of each $1,000油bond to convert the bond into five shares of the corporations common stock. The debentures were issued for $10,875,600. The present value of the bond payments at the time of issuance was $9,003,000, and the corporation believes the difference between the present value and the amount paid is attributable to the conversion feature. On January 1, 2013, the corporations $36油par value common stock was split 2 for 1, and the conversion rate for the bonds was adjusted accordingly. On January 1, 2014, when the corporations $16油par value common stock was selling for $175油per share, holders of 20% of the convertible debentures exercised their conversion options. The corporation uses the straight-line method for amortizing any bond discounts or premiums.
(a) Prepare the entry to record the original issuance of the convertible debentures. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
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1.
2. Ncklaus Corporation
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March 31, 2013
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Question 2
Wilco Corporation has the following account balances at December 31, 2014.
Common stock, $5 par value
$510,000
Treasury stock
90,000
Retained earnings
2,340,000
Paid-in capital in excess of parcommon stock
1,320,000
Prepare Wilcos December 31, 2014, stockholders equity section. (Enter account name only and do not provide descriptive information.)
WILCO CORPORATION
Stockholders Equity
December 31, 2014
$
:油
$
Question 4
Ravonette Corporation issued油300油shares of $10油par value common stock and油100油shares of $50油par value preferred stock for a lump sum of $13,500. The common stock has a market price of $20油per share, and the preferred stock has a market price of $90油per share.
Prepare the journal entry to record the issuance. (Round answers to 0 decimal places, e.g., 1520. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
Question 5
The outstanding capital stock of Edna Millay Corporation consists of油2,000油shares of $100油par value,油8% preferred, and油5,000油shares of $50油par value common.
Assuming that the company has retained earnings of $90,000, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions.
(a) The preferred stock is noncumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.)
Preferred
Common
$
$
(b) The preferred stock is cumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.)
Preferred
Common
$
$
(c) The preferred stock is cumulative and participating. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.)
Preferred
Common
$
$
Matt Schmidt Companys ledger shows the following balances on December 31, 2014.
7% Preferred Stock$10 par value, outstanding油20,000油shares
$油200,000
Common Stock$100 par value, outstanding油30,000油shares
3,000,000
Retained Earnings
630,000
Assuming that the directors decide to declare total dividends in the amount of $366,000, determine how much each class of stock should receive under each of the conditions stated below. One years dividends are in arrears on the preferred stock.
(a) The preferred stock is cumulative and fully participating. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.)
Preferred
Common
$
$
(b) The preferred stock is noncumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.)
Preferred
Common
$
$
(c) The preferred stock is noncumulative and is participating in distributions in excess of a油10% dividend rate on the common stock. (Round the rate of participa ...ch14-200529002439.pdf
ch14-200529002439.pdfskyecraig
油
Prepare Vega Corporation's retained earnings statement for
the year ended December 31, 2017.
LO 3
14-39
Retained Earnings Statement
For the Year Ended December 31, 2017
Vega Corporation
Retained Earnings, January 1, 2017 $5,130,000
Add: Net Income for 2017 2,000,000
Total 7,130,000
Less: Dividends Declared and Paid 250,000
Retained Earnings, December 31, 2017 $6,880,000
LO 3Accounting Principles, 12th Edition Ch14
Accounting Principles, 12th Edition Ch14AbdelmonsifFadl
油
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This document contains journal entries and financial statements for AAA Company over multiple periods:
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- 1. SOAL ASISTENSI AKUNTANSI KEUANGAN 2 EARNING PER SHARE & INVESTMENT (1) Dosen: Ibu Dini Marina | Asdos: Fabiola Kristi | Pertemuan 4 | Page 1 UNIVERSITAS INDONESIA FAKULTAS EKONOMI DEPARTEMEN AKUNTANSI PROBLEM 1 The following data pertains to ABC Company for 2013: Net Income for the year $2,400,000 8% Convertible bonds issued at par ($2,000/bond) 4,000,000 Each bond is convertible into 60 ordinary shares. The liability component of the bonds is $3,600,000 based on a market rate of 9%. 6% Convertible, cumulative preference shares, $400 par value. 8,000,000 Each share is convertible into 2 ordinary shares. Ordinary shares, $20 par value 12,000,000 Tax rate for 2013 40% Average market price of ordinary share $50 per share There were no changes during 2013 in the number of ordinary shares, preference shares, or convertible bonds outstanding. There are no treasury shares. The company also has ordinary share options (granted in a prior year) to purchase 150,000 ordinary shares at $40 per share. Instructions: 1. Determine the number of shares used to compute basic EPS per share for the year ended December 31, 2013. 2. Compute basic earnings per share for 2013. 3. Compute diluted earnings per share for 2013. PROBLEM 2 Debt Investment On January 1 20x2, AAA purchased 15% bonds, having a maturity value of Rp 10,000,000 for Rp 11,895,393. The bonds provide the bondholders with 10% yield. The bond will mature January 1 20x7 with interest receivable December 31 each year. AAAs business model is to hold these bonds to collect contractual cash flows. 1. Prepare the journal entry at the date of the bond purchase 2. Prepare a bond amortization schedule 3. Prepare the journal entry to record the interest received and the amortization for 20x2 and 20x3 4. AAA sold the bonds for Rp 11,100,000 at January 1, 20x5 after receiving interest revenue.